Rank and Mecca Bingo Decide To Take Guoco’s Offer?
It has been less than a month since Rank recommended that its shareholders ignore the bid from Guoco and look out for something bigger. According to reports, it was a 150p per share bid, something that was evidently below the market value.
Looking at the advice given by Rank to against the bid, one would think that the company is not supportive of the deal but just a while back Rank decided to take the offer from Guoco, an investment firm hailing from Malaysia.
Many of the parties involved in the Rank Group are still not in favour of the Guoco `bid, however, the unanimous agreement was based on the fact that if they failed to take the offer from Guoco, they would jeopardize the company’s stance with the shareholders. When the company is not doing so well, the right way to go about it is doing a bit of damage control and that is exactly the approach Rank is taking.
The public opinion of Rank, which also owns Mecca Bingo, has so far been skeptical and the group has released its performance results for the year 2011 and the revenue has increased by 4%. An increase in revenue in the given economic condition is certainly a positive thing and Rank feels that this will give them their edge back to take charge again, however, it is not that simple.
The future of the Rank Group looks quite ambiguous and even more so when it comes to Mecca Bingo, considering it is one of the biggest bingo players in the market. Will Mecca Bingo sell itself without a fight? We’ll have to wait and watch.
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